On April 1, a significant security breach was reported involving the open-source payment platform UPCX, resulting in the unauthorized withdrawal of approximately $70 million in digital assets. This alarming incident was flagged by the blockchain security firm Cyvers, which identified suspicious activity around 18.4 million UPC tokens.
According to Cyvers, the breach occurred when an unauthorized individual accessed a UPCX address and upgraded its ProxyAdmin contract. This manipulation allowed the attacker to activate a function typically reserved for administrators, facilitating the transfer of funds from three different management accounts.
As of now, the stolen tokens have not yet been converted into other cryptocurrency assets, leaving the incident in a precarious state. Cointelegraph has reached out to UPCX for comments; however, no immediate response was received.
Impact on UPC Token Prices Amidst Security Breach
In light of the incident, UPCX has acknowledged the occurrence of “unauthorized activity” within its management accounts. In a precautionary measure, the team has suspended all deposits and withdrawals for UPCX while asserting that user assets remain unaffected. As investigations continue, UPCX reassures users of its commitment to resolving the matter promptly.
The repercussions of this breach have been reflected in the market, with UPC token prices experiencing a dip of 7%. Data from CoinGecko indicates a drop from a high of $4.06 to a low of $3.77, igniting concern among investors and stakeholders alike.
UPCX 24-hour price chart. Source: CoinGecko
This is a developing story, and further information will be provided as it becomes available.
